Eyegate Pharmaceuticals Inc. received a notice from the Nasdaq Stock Market for failing to meet the $1 minimum bid price listing requirement.

To regain compliance, the closing bid price of the company's common stock must reach at least $1 per share for a minimum of 10 consecutive business days. The Waltham, Mass.-based pharmaceutical company has 180 days, or until Sept. 17, to achieve compliance.

If EyeGate fails to meet compliance by the deadline, it may be granted a second 180-day compliance period.

The company previously received a Nasdaq noncompliance notice for failing to meet the listing requirement of a minimum $2.5 million shareholders equity.

EyeGate is a clinical-stage specialty pharmaceutical company which focuses on treating diseases and disorders of the eye.